WACO, Texas, Jan. 29, 2016 /PRNewswire/ -- A new,
independent study from the Baylor
University Center for Business & Economic Research found
that Allergan's Waco operations
generated a combined economic impact on Waco area income of $263 million and an aggregate impact on total
spending of $406 million in the
Central Texas economy in 2015. The
economic impact was a direct result of the Company's strong
employment and labor force earnings at its Waco facility, with employment increasing 28%
and its labor force earnings increasing 39% in the period between
2010 and 2015.
Logo -
http://photos.prnewswire.com/prnh/20150612/222796LOGO
The study, titled "The Economic Impact of Allergan on the
Central Texas Economy," was conducted and developed by Tom Kelly, Ph.D., Baylor's Center for Business & Economic Research in
Baylor University's Hankamer School of
Business.
"As a partner in the Waco and
Central Texas communities for 27
years, we are very proud of the significant impact Allergan has had
on the local and regional economies here. Our 750 colleagues
in Waco have played an important
role in bringing important medicines to patients in 110 countries,"
said Brent Saunders, President and
CEO of Allergan. "Our rich history and impact in Waco and Central
Texas has not been achieved alone. It has been made possible
by the strong mix of highly skilled and talented people, access to
and collaboration with respected health care professionals and
medical institutions like Baylor
University and the unwavering support of local, state and
federal elected officials and trade associations that make
Waco and Texas a great business partner for companies
like Allergan."
Additional findings from the Baylor study included:
- Allergan has provided strong job security, with half of its
Waco employees having more than
five years of company service and a quarter of employees with more
than ten years.
- Waco operations in 2015
continued at full employment (24/7), providing strong momentum to
fully utilize a previously announced capital investment in 2016
that will be in excess of $50
million. This investment, in its final phases, will further
increase the size of Allergan's state-of-the-art pharmaceutical
development and production facilities and add new sterile
production lines, while adding $1.55
million to wage income received by local construction
workers.
- Since 2010 Allergan has demonstrated its importance as a
corporate citizen in Waco by
contributing more than $713,000 to
local nonprofit organizations. Allergan is also projected to pay
$3.84 million in local property taxes
in 2016.
- For 2016, the total economic impact of Allergan capital
investment plus operations on the Central
Texas economy is projected to be $450.3 million.
"The findings of this study clearly showcases how valuable
Allergan has been to our community and economy, and is a testament
to the importance of attracting strong, growing companies who
require highly skilled work forces to the Waco and Central
Texas area," said Tom Kelly,
Ph.D., Baylor Center for Business & Economic Research.
"Allergan has been a very strong partner to the Waco business community throughout its 27 year
history, and the findings of this study underscore the impact of
that partnership," said Tate
Christensen, Chairman of the Greater Waco Chamber of Commerce. "We applaud
their important work in developing important medicines for patients
and healthcare professionals, and look forward to continuing to
strengthen our relationship and supporting their impact on the
Waco economy in the years
ahead."
"I am proud and honored that Allergan has chosen to call
Waco home for more than 25 years,
creating hundreds of jobs for highly skilled Texas workers," said Bryan Daniel, Economic Development and Tourism
Division Director - Office of Governor Greg
Abbott. "I am confident that Texas' extraordinary business climate will
continue to attract healthcare industry leaders like Allergan to
the Lone Star State."
The full study is available via the following
link:
http://www.allergan.com/Actavis/media/Allergan-PDF-Documents/PDF-Documents/Allergan-Baylor-University-Study-Jan-2016.pdf
About Allergan's Waco, TX
Operations
Allergan employs more than 750 highly skilled workers at its
400,000 square-foot facility located on a 69-acre campus in
Waco's Texas Central Park. The
facility currently produces a number of eye-care and dermatological
products, including Restasis® (Cyclosporine Ophthalmic
Emulsion) 0.05%,a treatment that helps increase the eyes' natural
ability to produce tears, which may be reduced by inflammation due
to Chronic Dry Eye, and Latisse® (bimatoprost ophthalmic
solution) 0.03% an FDA-approved treatment to grow eyelashes for
people with inadequate or not enough lashes. Allergan opened its
Waco facility in 1989, and in
2016, the Company began a substantial expansion of the facility to
add a new testing laboratory and additional production capacity to
meet the growing demand for its products around the world.
About Allergan
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a unique, global
pharmaceutical company and a leader in a new industry model—Growth
Pharma. Allergan is focused on developing, manufacturing, and
commercializing innovative branded pharmaceuticals, high-quality
generic and over-the-counter medicines, and biologic products for
patients around the world.
Allergan markets a portfolio of best-in-class products that
provide valuable treatments for the central nervous system, eye
care, medical aesthetics, gastroenterology, women's health,
urology, cardiovascular and anti-infective therapeutic categories,
and operates the world's third-largest global generics business,
providing patients around the globe with increased access to
affordable, high-quality medicines. Allergan is an industry leader
in research and development, with one of the broadest development
pipelines in the pharmaceutical industry and a leading position in
the submission of generic product applications globally.
With commercial operations in approximately 100 countries,
Allergan is committed to working with physicians, health care
providers, and patients to deliver innovative and meaningful
treatments that help people around the world live longer, healthier
lives.
For more information, visit Allergan's website at
www.allergan.com.
About Baylor University
Baylor University is a private
Christian University and a nationally ranked research institution.
The University provides a vibrant campus community for more than
16,000 students by blending interdisciplinary research with an
international reputation for educational excellence and a faculty
commitment to teaching and scholarship. Chartered in 1845 by the
Republic of Texas through the
efforts of Baptist pioneers, Baylor is the oldest continually operating
University in Texas. Located in
Waco, Baylor welcomes students from all 50 states
and more than 80 countries to study a broad range of degrees among
its 12 nationally recognized academic divisions.
About Hankamer School of Business
Baylor University's Hankamer School of
Business provides a rigorous academic experience, consisting of
classroom and hands-on learning, guided by Christian commitment and
a global perspective. Recognized nationally for several programs,
including Entrepreneurship and Accounting, the school offers 24
undergraduate and 13 graduate areas of study. Visit
www.baylor.edu/business and follow on Twitter at
www.twitter.com/Baylor_Business.
Forward-Looking Statement
Statements contained in this press release that refer to future
events or other non-historical facts are forward-looking statements
that reflect Allergan's current perspective of existing trends and
information as of the date of this release. Except as expressly
required by law, Allergan disclaims any intent or obligation to
update these forward-looking statements. Actual results may differ
materially from Allergan's current expectations depending upon a
number of factors affecting Allergan's business. These factors
include, among others, the difficulty of predicting the timing or
outcome of FDA approvals or actions, if any; the impact of
competitive products and pricing; market acceptance of and
continued demand for Allergan's products; difficulties or delays in
manufacturing; and other risks and uncertainties detailed in
Allergan's periodic public filings with the Securities and Exchange
Commission, including but not limited to Allergan's Quarterly
Report on Form 10-Q for the quarter ended September 30, 2015 (such periodic public filings
having been filed under the "Actavis plc" name). Except as
expressly required by law, Allergan disclaims any intent or
obligation to update these forward-looking statements.
CONTACTS:
Media:
Mark Marmur
(862) 261-7558
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/independent-baylor-university-study-showcases-economic-impact-of-allergan-on-waco-and-central-texas-economies-300211927.html
SOURCE Allergan plc